Czech Republic
Czech paper examines strength of link between financial and real sectors
An expansion of credit from banks ‘supports industrial production' in small open economies such as the Czech Republic, working paper finds
Czech paper deconstructs exchange rate variability in advanced economies
Researchers find that economic fundamentals are only responsible for a third of the medium-term exchange rate variability, although this increases when the euro is involved
People: Former PM joins Czech central bank; Bank of Canada appoints ‘special adviser'
Czech National Bank replaces outgoing board member with man who was Prime Minister until last week; Canada appoints special adviser with financial system expertise
Global crisis weakened monetary policy transmission, Czech paper shows
New research from the Czech National Bank studies the transmission of monetary policy through different channels, finding it works as expected but was weakened in the financial crisis
Czech central bank starts targeting exchange rate
Czech National Bank finally says it will start intervening in the forex market, a year after it cut rates to the zero lower bound; Czech koruna almost hits target level straight after announcement
Focus on non-linearity can improve macro estimates, research finds
Czech National Bank working paper argues considering non-linearity can advance probabilistic economic assessments; focuses on relationship between credit markets and the rest of the economy
Czech governor slams one-size-fits-all regulation
CNB workshop considers impact of Basel III on emerging and smaller economies; participants consider the unintended consequences of both capital and liquidity rules
Czech study finds DFM ‘nowcasting' adds value in calculating real-time GDP
Dynamic Factor Model ‘nowcasting' is as accurate as the judgemental method currently used by the Czech National Bank; a simple average of the two results is more accurate than either on its own
Czech paper dissects central bank inflation reports
Researchers find the inflation reports produced by a sample of eight central banks are ‘generally of good quality’ but warn their analytical power cannot be taken for granted
IMF backs Czech forex intervention
Article IV says a ‘persistent and large undershooting’ of the Czech National Bank’s inflation target would warrant a weaker koruna; governor Miroslav Singer says board is coming round to the idea
Czech paper examines interbank risk premium
Research finds counterparty and liquidity risk are ‘potentially significant determinants’ in the departure of interbank rates from key policy rates in Czech Republic
Czech central bank opposed to joining banking union
Vice-governor says Czech National Bank will recommend staying out of SSM; ECB's Asmussen calls on non-eurozone countries to decide by July
Czech bulletin dissects monetary policy transmission
An economic research bulletin compiled by the Czech National Bank explores relationship between monetary policy and real economy in five articles
CNB board member issues warning on common bank resolution
Lubomir Lízal says common bank resolution most worrying element of European banking union; renminbi too politicised to use as reserve currency
Czech research examines macroprudential policy in small economies
Policy note stresses the importance of considering cyclical systemic risk when setting macro-prudential policy in a small EU economy
Czech paper evaluates monetary policy lags
Finds greater financial development is correlated with the slower transmission of monetary policy
Czech president re-appoints both CNB vice-governors
Mojmír Hampl and Vladimír Tomšík appointed for second and final six-year terms at the Czech National Bank
Bond market contagion permanently increased in Emu, says Czech paper
Czech National Bank research investigates increased contagion of sovereign bond markets in European Monetary Union; evaluates impact of rating agencies
Czech National Bank cuts rates to record low
Governing board votes to cut rates to historic low in face of persistent weakness in the economy; possibility of unconventional policy measures if low growth continues
Czech National Bank paper studies changing inflation dynamics
Working paper examines causes of changing inflation dynamics in central Europe; finds inflation expectations play a 'substantial role' in price stability
Czech National Bank reports resilient financial system
Financial Stability Report finds Czech financial sector well prepared for unfavourable external developments; says growth likely to stagnate in 2012
Czech National Bank shifts reserves away from euro
Annual report shows decision was taken to hold Australian dollars as part of foreign currency reserves; swapped part of euro holdings for the Australian currency
IMF paper examines capital flow management
Working paper considers methods of managing large-scale capital flows in Czech Republic, Poland and Romania; argues capital controls should not be used
Czech central bank sheds 96 jobs despite need to meet wider remit
Czech National Bank reduces headcount to same level as 2006, despite taking on additional regulatory responsibilities